Opting-Out of Pre-Approved Credit Card offers: Does It Work?
We all know by now that having too many pre-approved credit card offers in our mailboxes makes us more vulnerable to Identity Theft. When you receive all kinds of junk mail that means that your information is being sold, exchanged, leveraged, used and abused.
This is why people who are prudent about their financial planning decisions and Identity Theft prevention, choose to opt-out of receiving pre-approved credit card, insurance offers and other junk mail.
You may opt-out of pre-approved offers either for the period of 5 years or permanently. Go to www.optoutprescreen.com or call at 1-888-5-OPT-OUT (1-888-567-8688). You may also send a written request to the consumer reporting agencies directly:
Experian
Opt Out
P.O. Box 919
Allen, TX 75013
TransUnion
Name Removal Option
P.O. Box 505
Woodlyn, PA 19094
Equifax, Inc.
Options
P.O. Box 740123
Atlanta, GA 30374
Innovis Consumer Assistance
P.O. Box 495
Pittsburgh, PA 15230
When you opt-out of pre-approved offers, the consumer reporting agencies are required to stop selling your information and companies are supposed to stop sending you their offers.
I made a decision to opt-out of all offers and junk mail after I became a victim of identity theft. I very much like NOT getting junk mail.
But it seems that CHASE Bank did not get the memo! A couple of months ago, I got a letter from Chase Bank basically acknowledging the fact that I opted-out of all pre-approved offers; but, since they already have my information, they will start sending me their offers and will start sharing my information with their affiliates, unless I tell them otherwise.
Excuse me?! I’ve already asked them not to send me their offers on several occasions!
A few years ago, I had a credit card account with Chase Bank with a balance of $2,000.00 and APR of about 13%. Then, one day, I received another pre-approved credit card offer from Chase. It was an offer I couldn’t refuse! 0% on all purchases and balance transfers for 12 months.
I sent in my application with a balance transfer request from my other Chase account. I thought I was making a great decision. Yeah…
About 10 days later, I finally got my new card. To make a long story short, Chase Bank used a bait and switch tactic on me. The new account ended up being 18% APR! The reason that was given to me by Chase is that they did not get my application by the offer expiration date. They DID get it on time, because I was speaking to them about this issue even before the deadline.
I came up with $2000.00, paid off and closed this account. And, of course, I was bombarded by pre-approved credit card offers from Chase Bank. I couldn’t blame them-I was a good customer.
I asked Chase Bank several times via phone and certified mail to remove me from their marketing lists, and, although I was told I would not get any mail from them, Chase Bank continued sending me their solicitations.
I came up with a very funny and effective solution: every time I would get an offer from Chase, I would stuff the return envelope with all kinds of junk and I would send it back. Chase had to pay for the postage and it cost them about $3-$5 per envelope. Well, more like packages!
After a few times, Chase caught on. I have not received one piece of mail from Chase for the last 5-6 years, until recently.
Why would Chase even assume that I want to get their offers or that I would want them to share my information with affiliates? I think it is pretty clear that I don’t want to get anything from them!
- I am not doing any business with Chase Bank and I don’t think I ever will!
- I opted-out of pre-approved offers, obviously, for a reason.
- Also, I sent a request directly Chase Bank to remove me from their marketing lists.
Have you ever received any similar mail from Chase or any other bank? You know what to do! Leave a comment below.
